Buy Copper Jul 2021 @ 721.00 SL 716.00 TGT 728.00-730.50.MCX - Kedia Advisory
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COPPER
Copper trading range for the day is 716.1-729.7.
Copper fell after inflationary pressures in the United States sparked worries that the world's biggest economy will tighten its monetary policy sooner than planned.
China, will take "comprehensive measures" to ease rising commodity prices, Premier Li Keqiang said
U.S. consumer prices last month increased by the most in 13 years
Warehouse stock for Copper at LME was at 221800mt that is up by 1225mt.
BUY COPPER JUL 2021 @ 721.00 SL 716.00 TGT 728.00-730.50.MCX
ZINC
Zinc trading range for the day is 237.2-242.
Zinc dropped as China's zinc production in June inched higher from the previous month.
Refined zinc and zinc alloy production was 447,000 tonnes last month, up 409 tonnes from May and 10.8% higher year-on-year.
Data showed that social inventories of refined zinc ingots increased 1,700 mt to 122,000 mt.
Warehouse stock for Zinc at LME was at 249125mt that is down by -450mt.
BUY ZINC JUL 2021 @ 239.00 SL 237.00 TGT 241.00-242.20.MCX
NICKEL
Nickel trading range for the day is 1380.7-1415.3.
Nickel prices dropped as China, will take "comprehensive measures" to ease rising commodity prices, Premier Li Keqiang said.
Data showed the biggest jump in U.S. inflation in 13 years fuelled some market expectations that the Federal Reserve could exit pandemic-era stimulus.
China's refined nickel output in June rose 14.8% from the previous month as top producer Jinchuan Group completed maintenance.
Warehouse stock for Nickel at LME was at 225312mt that is down by -918mt
BUY NICKEL JUL 2021 @ 1392.00 SL 1380.00 TGT 1406.00-1415.00.MCX
ALUMINIUM
Aluminium trading range for the day is 198.1-200.5.
Aluminium prices dropped as US CPI hit a record high in three decades in June
China, will take "comprehensive measures" to ease rising commodity prices, Premier Li Keqiang said.
Social inventories of aluminium ingots continued to decrease, but the consumption of profiles in construction and other sectors weakened
Warehouse stock for Aluminium at LME was at 1472800mt that is down by -7350mt.
BUY ALUMINIUM JUL 2021 @ 198.50 SL 197.00 TGT 200.00-201.50.MCX
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